Dow 13,000? Get Ready for the Pullback
NEW YORK ( TheStreet) -- Analysts aren't sure when the Dow Jones Industrial Average will close above 13,000. They're far more certain of the pullback to follow shortly thereafter.
Market participants are likely take some profits when the index reaches this psychological level. The last time the index closed above 13,000 was in May of 2008. Analysts have been speculating since January that equities are due to cool off after a steep run up this year. The 13,000 level might provide a key opportunity for investors to take money off the table.
As of about 11:25 p.m. ET, the index peaked above 13,000. But, it was wasn't barreling toward the level in anyway. Already, corporate news is keeping a cap on the index's gains. In particular, a 4% loss in Wal-Mart (WMT) shares after the retailer missed earnings expectations this morning was keeping the Dow from inching higher.
The buzz around corporate earnings is likely only to grow more negative, which will undoubtedly put dampers on overall market sentiment. According to S&P Capital IQ, the S&P 500's double digit growth streak of eight quarters is now in jeopardy. "The last time this happened was in
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